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Recent claims by consumer comparison service Uswitch that eight out of ten
applications were approved by banks without proper checks being made on
information provided by the customer are simply "ludicrous", claims
the BBA.
Although banks routinely carry out these checks through comparing information
they already hold on existing customers, using credit reference agency data and
by sharing of positive data, this would not be apparent to the customer, the
association states.
The BBA insists the Banking Code states clearly that before lending money or
increasing a customers overdraft, banks will assess the customers ability to
repay.
The BBA added that, when Uswitch last reported on a survey among bank customers,
its conclusions were based on a low number of respondents and an ambiguously
posed question.
Source:
Getting Paid
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